High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...

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High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
High Grade Gold-Cobalt Resource Expansion in Finland
                                   Corporate Presentation
                                       January 2020

@mawsonresource                 TSX : MAW; OTCPINK : MWSNF               www.mawsonresources.com
High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
Disclaimer
 Accuracy of Information: Readers are directed to the public disclosure of Mawson Resources Limited (“Mawson”) available under
 Mawson’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. Information
 contained in this presentation was believed to be accurate at the time it was posted, but may be superseded by more recent public
 disclosure of Mawson. Mawson makes no representations or warranties as to the accuracy, reliability, completeness or timeliness of
 the information in this presentation.

 Forward-Looking Information: Some of the statements contained in this presentation may be forward-looking statements or
 forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). All
 statements herein, other than statements of historical fact, are forward-looking statements. Although Mawson believes that such
 statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are
 typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, and similar expressions, or are those,
 which, by their nature, refer to future events. Mawson cautions investors that any forward-looking statements are not guarantees of
 future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of
 various factors, including, but not limited to, capital and other costs varying significantly from estimates, changes in world metal
 markets, changes in equity markets, planned drill programs and results varying from expectations, delays in obtaining results,
 equipment failure, unexpected geological conditions, local community relations, dealings with non-governmental organizations,
 delays in operations due to permit grants, environmental and safety risks, and other risks and uncertainties disclosed under the
 heading "Risk Factors" in Mawson's most recent Annual Information Form filed on www.sedar.com. Any forward-looking statement
 speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Mawson does not
 assume the obligation to revise or update forward-looking statements or information that may be contained in this presentation or to
 revise them to reflect the occurrence of future unanticipated events.

 NI 43-101 Technical Report: On December 19, 2018, Mawson filed an independent National Instrument 43-101 Technical Report
 (the “NI 43-101 Technical Report”) on the Mineral Resource Estimate for the Raja and Palokas Prospects, at the 100% owned
 Rajapalot Project in Finland, (the “NI 43-101 Technical Report”), in support of the Company’s news release dated December 17,
 2018. The NI 43-101 Technical Report was authorized by Mr. Rod Webster of AMC Consultants Pty Ltd (“AMC”) of Melbourne,
 Australia, and Dr. Kurt Simon Forrester of Arn Perspective of Surrey, England. Each of Mr. Webster and Dr. Forrester are
 independent “qualified persons” as defined by National Instrument 43-101. The NI 43-101 Technical Report may be found on the
 Company’s website at www.mawsonresources.com or under the Company’s profile on SEDAR at www.sedar.com.

 Qualified Person: The qualified person for Mawson’s projects, Nick Cook, President for Mawson, and a Fellow of the Australasian
 Institute of Mining and Metallurgy, has reviewed and verified the contents of this presentation.

                                                                                                                            15 January 2020
                                                                                                                                              2
High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
Building Ounces: Runway

    ▪      Dec 2018: Maiden Inferred Resource                                                                      7.4Moz Au
                                                                                                                   Kittilä mine

                     ▪     424kOz AuEq Constrained, 4.3Mt @ 3.1
                           AuEq, 2.3g/t Au, 430ppm Co

    ▪      June 2019: Post the 15km Drill Program Just
           Completed
                     ▪     0.8-1.0 million ounces exploration target
                           between 3-5 g/t AuEq*

    ▪      Now: Nov 19- Apr 20
                     ▪     15km drilling
                     ▪     Aim: +1.3 - 1.5 million ounces exploration
                           target between 3-5 g/t AuEq*

    ▪      2020: Further C$15M investment
                     ▪     Exploration target ranging between 2.5-3.0
                           million ounces at between 4-6 g/t AuEq*
                           M&I.

                                                                                                                                  100 km
*The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient
exploration to increase the mineral resource and it is uncertain if further exploration will result in the
exploration target being delineated as a mineral resource.                                                                                 3
High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
Investment Highlights

▪    The most advanced gold-cobalt resource discovery in Finland;
▪    Five drill rigs now in operation in Finland;
▪    Updated Resource: The current and ongoing15km drill program (Nov
     ’19 - April ‘20) aims to infill and extend the Palokas, South Palokas and
     Raja resource areas delivering the data for an updated resource
     estimate at the end of Q2 2020;
▪    Substantial Exploration Target: Prior to this program an exploration
     target of 0.8-1.0 million ounces between 3-5 g/t gold equivalent ("AuEq")
     is estimated to exist at the Rajapalot project.*
▪    Effective Drill Targeting: Based on discovery success from earlier this
     year, drilling will be directed by geologic controls of high-grade gold
     zones and fixed loop electromagnetic (“EM”) conductors, with further
     targeting refined by down hole EM (“DHEM”);
                ▪     Building ounces: to date 70-90,000 oz AuEq per 100 metre of
                      mineralization drilled within each of 3 mineralized bodies
▪    Drill hits in early 2019 include 19.7 metres @ 7.4 g/t gold (“Au”) and 908
     ppm Co, 8.9 g/t AuEq and 31.3 metres @ 4.3 g/t Au, 1,030 ppm Co, 6.0
     g/t AuEq
▪    Fully permitted for summer and winter drilling for next 2.5 years
▪    Exceedingly strong local support, cobalt a strategic resource

*The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to define a
mineral resource and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource.   4
High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
Nordics: Rocks & Opportunity
           The World´s Highly Prospective Mineral Regions
                                                                    ▪   Metal basket of Europe

                                                                    ▪   +500 year history,
                                                                        many Tier 1 projects

                                                                    ▪   Reformation since early
                                                                        1990’s. Clear guidelines

Map by Risto Pietilä

         Finland is the new “Klondike”, new discoveries, shallow cover, entry of significant players
                                                                                                       5
High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
Finland is a Mining Country
                                                                               Kittilä Snapshot
 Investment Attractiveness Index - Europe                                      2018 Production
                                                                               188,979 ounces
                                                                7.4Moz Au      Production cost
                                                                Kittilä mine     $831/oz gold
                          “The top jurisdiction in Europe for                  Total cash costs
                                                                                 $853/oz gold
                        investment based on the Investment                        Proven and
                           Attractiveness Index is Finland.”                   Probable Grade
                                                                                    4.5g/t Au

 Finland hosts the largest primary gold producer in Europe

 Huge Benefits for Developers
 ▪   Safe                      ▪   Skilled workforce
 ▪   Cheap Grid Power          ▪   Airport
 ▪   Water                     ▪   No FIFO
 ▪   Roads                     ▪   20% tax                                      100 km

                                                                                                  6
High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
Rompas-Rajapalot: A Big New Camp
Rajapalot average hole depth 114 metres
83% of 49 km DDH in last 3 seasons

                                                                               2018:
                                                                     33.6 metres @ 8.0 g/t gold,
                                                                          823 ppm cobalt
                                                                               2019:
                                                                     19.7 metres @ 7.4 g/t gold,
                                                                          908 ppm cobalt

                                                   2011:
                                          6 metres @ 617 g/t gold
                                                 including
                                          1 metre @ 3,540 g/t gold

                                                                                                   7
High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
TSX/TSX-V European Gold Projects

  Top 10% of all TSX/TSX-V, European-based companies gold-containing drill hits ranked by
                                    AuEq. x metres

       Opaxe took all relevant reports, and further filtered them so that each unique project was only stated once (with the top intercept reported for that project). 31 unique projects were identified
       along with the top intercept reported for that unique project and this list is provided in the 'Drill hits - top per project' sheet. The top Mawson Resources report from the Rompas-Rajapalot
       project is provided in red for easy identification. The above graph shows the top intercept for each project ranked by AuEq. x meters for each of the 31 unique projects in the opaxe database.
       Mawson Resources had the highest AuEq. x meters intercept with a 6m @ 616.7g/t Au intercept from 2012 (giving a AuEq. x m result of 3700.2)                                                          8
High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
Finnish Gold Projects – Grade and Width
Mawson leading in grade and width

                        AuEq g/t                        Finland Projects: Drill hole intersections - grade versus width

                                                                                               Interval Width (m)
   AuEq g/t

                                                                                             Interval Width (m)

              Opaxe took all relevant reports, and further filtered them so that each unique project was only stated once (with the top intercept reported for that project). 31 unique projects were identified
              along with the top intercept reported for that unique project and this list is provided in the 'Drill hits - top per project' sheet. The top Mawson Resources report from the Rompas-Rajapalot
              project is provided in red for easy identification. The above graph shows the top intercept for each project ranked by AuEq. x meters for each of the 31 unique projects in the opaxe database.
              Mawson Resources had the highest AuEq. x meters intercept with a 6m @ 616.7g/t Au intercept from 2012 (giving a AuEq. x m result of 3700.2)                                                          9
High Grade Gold-Cobalt Resource Expansion in Finland - Mawson ...
How it all started: 9 Boulder Fields
   ▪   Rajapalot: 160 boulders >0.1 g/t gold have been discovered within a 4 x 3 km2 area;

   ▪   Gold grades range from 0.1 g/t gold to 3,870 g/t gold, with an average of 74.9 g/t gold
       and median of 0.71 g/t gold;

   ▪   Source of three of nine gold bearing boulder fields remain to be discovered.

                                                                      1 km

                                                                                                 10
Rajapalot Upside

            Palokas

   South Palokas                         > 10 g/t AuEQ

                                         2 -10 g/t AuEQ

                                         0.5 - 2 g/t AuEQ

                                         Existing Resource Dec 2018
         The Hut              ?
                                         Expansion below resource
                                         post 15km drilling Jan-April 2019

                                         Untested resource expansion
                                         (1,500m of trend to 800m depth, building
                                         70-90,000oz Au per 100 linear m)
                                         Drilling these areas now

                                  Raja   Pre-resource drilling areas
                      Rumajärvi
                                         Modelled EM Plates
                                         (various colours)
                                                                              11
Rajapalot – Oblique section view
North                                                                                           South
                     Palokas           South          The Hut   Rumajärvi   Raja
 340°                                                                                  160°
        A                             Palokas                                      B

                                                                                              250 m
                                              ?
                                                      ?

                               ?

                               Plan     A
                               view
                                      North

            > 10 g/t AuEQ
                                                  2.5 km

            2 -10 g/t AuEQ

            0.5 - 2 g/t AuEQ                      B
                                                                                                      12
Kittilä Mine
 ……..Versus Rajapalot Composite Long Section

Source: s21.q4cdn.com/374334112/files/doc_downloads/GeologyMaps/June2019/Kittila-Mine-Composite-Longitudinal-Section.png   13
Raja Prospect: Long Section

                              14
Raja – Block Diagram and Cross Section

                                         15
Palokas to South Palokas

                           View 60 degrees towards 150 degrees
                                                                 16
                                                                  16
Palokas: Long Section

Down-plunge area possible
 to drill test all year-round

                                17
Finland’s Strategic Cobalt

                                                                                         New Exploration
                                                                                          Technologies

▪   Finland refines half the world’s cobalt outside of China. The world’s largest cobalt refinery is
    located 400 kilometres to the south of Rajapalot

▪   CRU estimates refining of 22,734 tonnes of cobalt in Finland (2017) (or 18.4% of world refined
    cobalt production of ~123,000 tonnes), with 90% of Finnish refined cobalt sourced from several
    Chinese-owned mines in the DRC

▪   Meanwhile, Finland mines just 650 tonnes or 0.5% of the world's cobalt

▪   Finland and Sweden are on the hunt for an ethical sources with a traceable ledger for cobalt,
    considered crucial for achieving climate goals. Mawson can support Finland’s ethical and
    sustainable needs.

                                                                                                       18
Rajapalot Gold Metallurgical Test Work

 ▪   Excellent results of total 95% - 99% (average 97%) obtained by a combination
     of gravity (26-48%) and conventional cyanidation*
     *SGS Cornwall

 ▪   Mineralogical work shows cobalt hosted in cobaltite (85% mass) and linneate (15% mass) in
     certain areas and cobalt pentlandite only in other areas

                                                                                                 19
Rajapalot Mineral Processing

              Possible Implications for Mineral Processing Options

  ▪   Liberation of gold and cobalt in the two heaviest gravity fractions exceeds 90 per cent with
      50 micron grinding;
  ▪   Native gold (>95% as single grains) and cobaltite dominant
  ▪   Locked Cycle Test Work Planned Q3 2019
                                                                                                     20
Next 12 Month Technical Program

            Aim: 1.3 - 1.5 million ounces exploration target between 3-5 g/t AuEq* by Q2/3 2020

                                                  2019                                                                                              2020
            Aug            Sept            Oct             Nov            Dec            Jan            Feb             Mar            Apr            May             Jun             Jul

                                                                       Resource Expansion Drilling 15km total

                                                                                           Environmental Permitting – moving to PEA/EIA after next resource upgrade

                                                                                        EM plus gravity

                                                                                                                                                                                  Resource
                                                                                                                                                                                  Upgrade

                                       Summer Work                                                                                          Winter Work

*The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to increase the mineral resource and it is uncertain if further
exploration will result in the exploration target being delineated as a mineral resource.                                                                                                      21
Ownership & Capital Structure

  Capitalization Summary                                        Major Shareholder Summary
  Share Price (Jan. 16, 2019)                          C$0.25                          Shares (M)     %
  Basic Shares Outstanding                             191.8M   Sentient                     37.8   19.7
                                                                Newmont Goldcorp             18.0    9.4
  Fully Diluted                                        249.0M

  Basic Market Capitalization                        C$47.9M    Other Institutions           70.5   28.8
                                                                TOTAL                       126.2   65.8
  Cash (est. Jan. 16, 2020)                            C$6.2M
                                                                Insiders                      7.4    3.9
  TOTAL ENTERPRISE VALUE                             C$41.7M

  Warrants and Options                                          Share Price Performance – 1 Year

  Exchanges: TSX : MAW; OTCPINK : MWSNF; Frankfurt : MXR

                                                                                                           22
Discovery is About Leadership

   Directors             Management                   Advisers
   Noora Ahola           Michael Hudson
                                                      Georgina Carnegie
   Environmental         Chairman & CEO
                         29 yrs Geology, Capital      Ex: World Bank, OECD
   Nick DeMare           Markets
                                                      Dr. Erkki Vanhanen
   CPA
                         Dr. Nick Cook                Finnish Gold Exploration
   David Henstridge      President
   Geologist             25 yrs Geology

   Michael Hudson        Noora Ahola
   Geologist             Environmental Director
                         12 yrs Finnish Env. Admin.
   Colin Maclean
                         Mariana Bermudez
   Geologist / Finance
                         Corporate Secretary
   Mark Saxon
                         Tapani Hyysalo
   Geologist             Manager Operations Finland

   Philip Williams       Nick Demare
   Corporate Finance     CFO

                                                                                 23
Summary

▪    Significant and strategic regional-scale gold-cobalt discovery in Northern Finland

▪    Updated Resource: The current and ongoing15km drill program (Nov ’19 - April ‘20) aims to infill
     and extend the Palokas, South Palokas and Raja resource areas delivering the data for an
     updated resource estimate at the end of Q2 2020;

▪    Substantial Exploration Target: Prior to this program an exploration target of 0.8-1.0 million
     ounces between 3-5 g/t gold equivalent ("AuEq") is estimated to exist at the Rajapalot project.*

▪    Effective Drill Targeting: Based on discovery success from earlier this year, drilling will be
     directed by geologic controls of high-grade gold zones and fixed loop electromagnetic (“EM”)
     conductors, with further targeting refined by down hole EM (“DHEM”);

                ▪     Building ounces: to date 70-90,000 oz AuEq per 100 metre of mineralization drilled within
                      each of 3 mineralized bodies

▪    Fully permitted for summer and winter drilling for next 2.5 years

▪    Cobalt a strategic resource for Finland, strong local support for project

*The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further
exploration will result in the exploration target being delineated as a mineral resource.
                                                                                                                                                                                           24
Contact Us

   MAWSON RESOURCES LTD                  MAWSON OY
   INVESTOR RELATIONS (CANADA)           SUOMI (FINLAND)

              Mariana Bermudez           Noora Ahola
              - Corporate Secretary      Environmental Director
              Tel: +1 (604) 685 9316     Ahjotie 7, 96320 Rovaniemi,
              Fax: +1 (604) 683 1585     Finland
              info@mawsonresources.com   nahola@mawson.fi

                                                                       25
1.78Ga – Late and Straight (a model)

                                       26
2018 Resource, 2019/20 Drill Increase
  ▪   Maiden inferred resource estimate has potential to grow substantially, as demonstrated
      by 2019 drill results:

        ▪     Palokas – Tripled down-plunge extensions

        ▪     South Palokas – Tripled down-plunge extensions

        ▪     Raja – high-grade core further defined and extended to NNW

        ▪     The Hut and Rumajärvi: new discovery areas

  •   Drilling is the key to building resources – the knowledge base for successful drilling is in
      place

                          Cut-off   Tonnes AuEq (g/t) Au (g/t) Co (ppm)    AuEQ     Au (koz)      Co
                          (AuEq)      (kt)                                 (koz)               (tonnes)
            Raja Pit           0.37     2,499     3.1       2.4      410       249        197      1,021
            Raja UG               2        356    5.6       4.8      500         64        55        179
            Raja Total                  2,855     3.4       2.7      420       312        252      1,201
            Palokas Pit        0.37     1,306     2.2       1.4      450         92        60        587
            Palokas               2         96    3.6       2.7      560         11          8        54
            UG
            Palokas                   1,402       2.3      1.5       460       104         69       640
            Total
            Total Pit         0.37    3,805       2.8      2.1       420       343        257      1,608
            Total UG             2      452       5.2      4.4       520        76         63        233
            Total                     4,257       3.1      2.3       430       424        320      1,841

                                                                                                           27
MAW Leading Finnish Grade and Width
   Announcement Date   Project Status        Company Name              Market     Project            Commodities   Report_Highlights                           True width details                                                    Interval   AuEq.   AuEq. x m
                                                                                                                   Drilling results incl. 6m @ 616.7g/t Au     Drill intersections are estimated to be 70 to 90 per cent of the
 1 31/05/2012          Exploration           Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   from 7m                                     true width
                                                                                                                                                                                                                                       6.0      616.7     3700
                                                                                                                   Drilling results incl. 2.90m @ 789.06g/t
 2 19/09/18            Exploration           Aurion Resources Ltd.     TSX-V      Risti              Gold
                                                                                                                   Au from 116.10m
                                                                                                                                                               All lengths are core widths and may not represent true widths.          2.9      789.1     2288
                                                                                                                   Drilling results incl. 10.5m @ 3.7g/t Au
 3 25/10/18            Resource definition   Agnico Eagle Mines Ltd.   TSXNYSE    Kittila            Gold
                                                                                                                   from 173.0m
                                                                                                                                                               Estimated true width 10.5m                                             105.0      3.7      389
                                                                                                                   Drilling results incl. 33.6m @ 8.0g/t Au,
 4 27/06/18            Exploration           Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   823ppm Co from 243.0m
                                                                                                                                                               "Width" 33.55m, otherwise not mentioned                                33.6       9.6      323
                                                                                                                   Drilling results incl. 31.7m @ 8.4g/t Au    the true thickness of the mineralized interval is interpreted to be
 5 2/03/18             Exploration           Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold
                                                                                                                   from 244.05m                                approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      31.7       8.4      266
                                                                                                                   Drilling results incl. 28.22m @ 9.42g/t
 6 26/06/19            Exploration           Aurion Resources Ltd.     TSX-V      Risti              Gold
                                                                                                                   Au from 69.86m
                                                                                                                                                               The estimated true thickness of the zone is 70% of core length         28.2       9.4      266

                                                                                                                   Drilling results incl. 30.8m @ 7.1g/t Au, the true thickness of the mineralized interval is interpreted to be
 7 14/05/18            Exploration           Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   525ppm Co from 2.5m                       approximately 90-95% of the sampled thickness
                                                                                                                                                                                                                                      30.8       8.2      253

                                                                                                                   Drilling results incl. 1.0m @ 245.0g/t Au
 8 19/01/17            Mining                Rupert Resources Ltd.     TSX-V      Pahtavaara         Gold
                                                                                                                   from 125m
                                                                                                                                                             True width of 0.9m                                                        1.0      245.0     245
                                                                                                                   Drilling results incl. 9.0m @ 22.75g/t Au
 9 20/04/17            Resource definition   Rupert Resources Ltd.     TSX-V      Pahtavaara         Gold
                                                                                                                   from 6.0m
                                                                                                                                                             True width of 5.9m                                                        9.0      22.8      205
                                                                                                                   Drilling results incl. 5.4m @ 37.6g/t Au True thickness of mineralized intervals is interpreted to be
10 9/02/17             Exploration           Mawson Resources Ltd.     TSX FWB    Rompas-Rajapalot   Gold
                                                                                                                   from 2.5m                                 approximately 90% of the sampled thickness
                                                                                                                                                                                                                                       5.4      37.6      203
                                                                                                                   Drilling results incl. 23.8m @ 7.4g/t Au
11 25/07/19            Resource definition   Agnico Eagle Mines Ltd.   TSXNYSE    Kittila            Gold
                                                                                                                   from 158.6m
                                                                                                                                                             Estimated true width of 23.8m                                            23.8       7.4      176
                                                                                                                   Drilling results incl. 4.00m @ 42.28g/t
12 5/02/19             Exploration           Aurion Resources Ltd.     TSX-V      Risti              Gold
                                                                                                                   Au from 40.0m
                                                                                                                                                             True width is not known at this time                                      4.0      42.3      169
                                                                                                                   Drilling results incl. 31.3m @ 4.3g/t Au, the true thickness of the mineralized interval is interpreted to be
13 23/04/19            Resource definition   Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   1030ppm Co from 298.6m                    approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      31.3       5.2      162
                                                                                                                   Drilling results incl. 19.7m @ 7.4g/t Au, the true thickness of the mineralized interval is interpreted to be
14 28/05/19            Resource definition   Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   908ppm Co from 371.0m                     approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      19.7       8.1      160
                                                                                                                   Drilling results incl. 6m @ 25.2g/t Au
15 26/06/17            Resource definition   Rupert Resources Ltd.     TSX-V      Pahtavaara         Gold
                                                                                                                   from 7m
                                                                                                                                                             True width of 5.8m                                                        6.0      25.2      151
                                                                                                                   Drilling results incl. 33.0m @ 3.1g/t Au the true thickness of the mineralized interval is interpreted to be
16 4/09/18             Exploration           Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   547ppm Co from 38.7m                      approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      33.0       4.0      132
                                                                                                                   Drilling results incl. 21.7m @ 5.7g/t Au
17 26/10/17            Mining                Agnico Eagle Mines Ltd.   TSX NYSE   Kittila            Gold
                                                                                                                   from 119.0m
                                                                                                                                                             Estimated true width 21.7m                                               21.7       5.7      124
                                                                                                                   Drilling results incl. 30.m @ 3.9g/t Au
18 17/01/18            Exploration           Aurion Resources Ltd.     TSX-V      Risti              Gold
                                                                                                                   from 230.0m
                                                                                                                                                             True widths are unknown at this time                                     30.0       3.9      117
                                                                                                                   Drilling results incl. 10m @ 11.6g/t Au The true thickness of the mineralized interval is interpreted to be
19 21/02/17            Exploration           Mawson Resources Ltd.     TSX FWB    Rompas-Rajapalot   Gold
                                                                                                                   from 110.20m                              approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      10.0      11.6      116
                                                                                                                   Drilling results incl. 17.0m @ 6.8g/t Au true widths (TW) cannot be determined from the information
20 1/03/18             Resource definition   Rupert Resources Ltd.     TSX-V      Pahtavaara         Gold
                                                                                                                   from 61.0m                                available
                                                                                                                                                                                                                                      17.0       6.8      116
                                                                                                                   Drilling results incl. 8.9m @ 12.9g/t Au
21 29/04/19            Resource definition   Agnico Eagle Mines Ltd.   TSXNYSE    Kittila            Gold
                                                                                                                   from 561.2m
                                                                                                                                                             Estimated true width of 8.9m                                              8.9      12.9      115
                                                                                                                   Drilling results incl. 2.75m @ 34.3g/t Au
22 1/03/17             Resource definition   Rupert Resources Ltd.     TSX-V      Pahtavaara         Gold
                                                                                                                   from 33.75m
                                                                                                                                                             true width not mentioned                                                  2.8      34.3       94
                                                                                                                   Drilling results incl. 15.2m @ 4.3g/t Au, the true thickness of the mineralized interval is interpreted to be
23 3/06/19             Resource definition   Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   2566ppm Co from 418.7m                    approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      15.2       6.2       94
                                                                                                                   Drilling results incl. 5.0m @ 18.09g/t Au
24 21/01/19            Exploration           Firefox Gold Corp.        TSX-V      Mustajarvi         Gold
                                                                                                                   from 124.0m
                                                                                                                                                             true widths are not yet known                                             5.0      18.1       90
                                                                                                                   Drilling results incl. 27m @ 3.3g/t Au the true thickness of the mineralized interval is, at this stage,
25 2/05/17             Exploration           Mawson Resources Ltd.     TSX FWB    Rompas-Rajapalot   Gold
                                                                                                                   from 64m                                  unknown
                                                                                                                                                                                                                                      27.0       3.3       89
                                                                                                                   Drilling results incl. 23.1m @ 3.4g/t Au the true thickness of the mineralized interval is interpreted to be
26 10/04/18            Exploration           Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold
                                                                                                                   from 368.1m                               approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      23.1       3.4       79
                                                                                                                   Drilling results incl. 32.0m @ 1.4g/t Au, the true thickness of the mineralized interval is interpreted to be
27 13/06/19            Resource definition   Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   1556ppm Co from 294.3m                    approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      32.0       2.4       75
                                                                                                                   Drilling results incl. 21.0m @ 3.2g/t Au, the true thickness of the mineralized interval is interpreted to be
28 2/07/19             Exploration           Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   481ppm Co from 417.0m                     approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      21.0       3.5       73
                                                                                                                   Drilling results incl. 21.0m @ 3.2g/t Au, the true thickness of the mineralized interval is interpreted to be
29 18/07/19            Exploration           Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   482ppm Co from 417.0m                     approximately 90% of the sampled thickness
                                                                                                                                                                                                                                      21.0       3.5       73
                                                                                                                   Drilling results incl. 4.0m @ 17.7g/t Au true thickness of the mineralized interval is interpreted to be
30 22/05/18            Exploration           Mawson Resources Ltd.     TSXFWB     Rompas-Rajapalot   Gold-Cobalt
                                                                                                                   from 246m                                 approximately 90% of the sampled thickness
                                                                                                                                                                                                                                       4.0      17.7       71

                                                                                                                                                                                                                                                                    28
Comparables

         Aurion Resources Ltd (TSXV:AU)    C$168.2M
         www.aurionresources.com

         Rupert Resources Ltd (TSXV:RUP)   C$95.2M
         www.rupertresources.com

         Mawson Resources Ltd (TSX:MAW)    C$47.9M
         www.mawsonresources.com

         Firefox Gold Corp. (TSXV:FFOX)     C$3.9M
         www.firefoxgold.com

 * Updated as of Jan. 16, 2019
                                                      29
Kittilä Timeline

        77 drill holes        Riddarhyttan 468 drill holes                          2.6 Moz                            7.4 Moz
       Two campaigns 9319m      Public tender                143km              16Mt @ 5.1g/t Au                    26.9Mt @ 4.7g/t Au
              1987-1997          April 1998                1998-2005                  2007                                   2017

                 02                    04                     06                        08                                    10

                                                                                                  5.7 Moz Au
1986                            1996             ML 2003
                                                                         2006                       2008              2016

                              PIVOT

       01                                   03                          05                   07                09

Discovery GTK                          0.285 Moz                    Agnico               Mine                  575 drill holes
 Visible Gold SSW                  1.5Mt @ 5.9 g/t Au               Acquisition         Decision                       140 km
  Suurikuusikko                       (285K Oz Au)                     2005              2006                         2006-2008
       1986                               1997                     US$150 million

                             First Resource Published                                                                                    30
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